In a dramatic escalation of India’s banking fraud crackdown, Anil Ambani, the once-mighty Reliance Group figurehead, returned to CBI offices Friday for day two of interrogation. The Rs 2,929 crore scam allegation centers on loans extended to Reliance Communications by SBI, now under the microscope for alleged criminal machinations.
Ambani’s Thursday session lasted nearly eight hours, with probes focusing on fund diversion and misuse from 2013-2017. Friday’s follow-up promised even deeper dives into the labyrinth of inter-company transfers that prosecutors claim defrauded lenders.
SBI’s detailed complaint paints a picture of orchestrated deceit: criminal conspiracy, forgery, and betrayal leading to colossal losses. Total group debts surpassed Rs 40,000 crore, with SBI bearing the brunt at Rs 2,929 crore. Multiple banks joined the fray post the initial August 2025 FIR, filing their own cases through 2026.
CBI’s aggressive tactics included searches at Ambani’s south Mumbai home and corporate premises, seizing incriminating paperwork. Defending their principal, Ambani’s team insists on transparency and cooperation, rejecting accusations outright.
They highlight Ambani’s peripheral role as non-executive director in a saga over 10 years old, with no hand in operational decisions. Legal battles rage on in NCLT, Supreme Court, and other forums, complicating the CBI’s path. This case underscores India’s renewed war on corporate loan defaults, with Ambani’s fate a litmus test for accountability among fallen tycoons.